People say that inexperience makes you do something wrong. People also say that ignorance is bliss. But this is definitely not always as I personally have seen. After all ignorance can never help you but might actually hurt you. One of my friends learnt this the hard way. I am not a great fan of having things insured always but I do find that disability insurance can be even more crucial at times than life insurance in general. This is admittedly my personal viewpoint but one which has been formed due to my own personal experience.
When I had explained to my friend about ‘what is an income replacement policy‘ he did not seem to care much. I had told him the information as he was to marry soon and about to be settled together with his wife. I felt that with the new marriage he might need a Washington disability insurance too as he stayed in Washington. But he did not seem too interested in the matter and said that such insurance policies never helped in the real time. No matter of telling him anything helped and he did not want to take any kind of insurance policy.
Unfortunately around a year after his marriage he fell off the ladders while doing some household work. The fall was quite serious as he was admitted to the hospital for around a week and when he was finally discharged the doctor said that he would be unable to work for a month or two. I and my wife went to visit him when he reached his home and saw that he indeed was unwell. His leg was still plastered off and he could not move anywhere. I asked him how he would manage to fend off for the time he was in bed. He did not have a satisfactory reply but said that he had this small saving in the bank which he could use. I and my wife discussed whether we should help him financially but as the lay off was only for two months and offering him money would not be suitable too for such a small period of time we abstained from offering him any financial help.
Two months later I received a mail from him asking him about any Florida income replacement policy as he had got a new job and was shifting to Florida soon. I replied that disability insurance could be had in Florida too and he should contact disability insurance brokers for the same. Thankfully though I believe he has taken one disability insurance right after he moved to Florida. This not only takes a whole load off from him but also helps me because he is one of my best friends and I do not want him or his family to be entangled in financial woes ever.
Tags: florida income replacement policy, washington disability insurance, what is an income replacement policy